This stock is a good example of why a cheap valuation absent an analysis of (a) definite catalyst(s) is insufficient.

MPAA has been languishing for years. The stock even sold off down to $3 during the market turmoil. This occurred even though there is every reason to believe that the business is counter-cyclical. Seth Hamot and Daniel Loeb have both come and gone. Usually that's not too good of a sign. However, I cannot, for the life of me, find much fault here with the company. In the past few years, they have expanded their sales and shifted production (refurbishment) to Mexico and Asia.

Given the strength in autoparts and in particular rebuilt autoparts, I have to imagine that the fair value for this company stands at twice current value. Moveover, I trust management. Admittedly, I foolishly have added faith in those reporting numbers with British accents, but they seem competent beyond what one typically expects in a company of this size.